3rd Quarter 2023

Earnings Release
Presentation
October 30, 2023
Cautionary Statements
This presentation includes “forward looking statements.” These
statements relate to future events, including, but not limited to, statements
regarding our liquidity, operating results, future earnings, financial
position, operational and strategic initiatives, and developments in
legislation, regulation, and the healthcare industry more generally. These
forward-looking statements represent management’s expectations, based
on currently available information, as to the outcome and timing of future
NON-GAAP FINANCIAL INFORMATION
events, but, by their nature, address matters that are uncertain, This presentation contains financial measures that are not in accordance
particularly with regard to developments related to the COVID-19 with accounting principles generally accepted in the United States of
pandemic. Actual results, performance or achievements could differ America (GAAP). Reconciliations of these non-GAAP measures to the
materially from those expressed in any forward-looking statement. most comparable GAAP measures and management’s reasoning for
using these non-GAAP financial measures are included in our earnings
Examples of uncertainties that may cause our actual results, performance
press releases dated October 30, 2023, and February 26, 2018, which
or achievements to be materially different from those expressed or implied
are available on our website at www.tenethealth.com/investors. We are
by forward looking statements include, but are not limited to,
not able to reconcile certain forward looking non-GAAP financial
developments related to COVID, and the factors described under
measures to the most comparable U.S. GAAP financial measures without
“Forward Looking Statements” and “Risk Factors” in our Forms 10-Q,
unreasonable efforts due to uncertainty regarding items outside of our
10-K, and other filings with the Securities and Exchange Commission. We
control.
assume no obligation to update any forward-looking statements or
information subsequent to the dates such statements are made. Investors
are cautioned not to place undue reliance on our forward-looking
statements.

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Third Quarter 2023 Highlights
Consolidated Adjusted EBITDA of $854 million*, above the upper end of our third quarter Outlook range

Ambulatory Hospitals Conifer

• 16% Adjusted EBITDA growth • 0.6% same-hospital adjusted admission growth • 26.3% Adjusted EBITDA
margin
• 4.5% same-hospital non-Covid admission
• 7.9% same store revenue growth
growth
• Strong cash collection
• 4.1% case volume growth • Consol. SW&B as a % of revenue: 45.2% performance in third quarter
Q3’23 vs. 46.4% Q3’22, 45.0% Q2’23, and 2023
• 39.3% Adjusted EBITDA margin 47.6% in Q3’19

• Contract labor: 3.1% of Consolidated SW&B in

• 6 centers added to the platform
Q3’23 vs. 7.4% Q3’22, and 4.3% Q2’23

FY 2023 Outlook - Consolidated Adjusted EBITDA raised for the third time this year to a range of $3.365 billion to $3.465 billion

11.5% Consolidated normalized growth / 17.3% USPI normalized growth at the midpoint of guidance
*third quarter 2023 adjusted EBITDA included $3 million of grant income and $7 million of income from cybersecurity incident insurance proceeds not included in our Outlook range provided on July 31, 2023

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FY 2023 Financial Outlook ($ in millions)

Income Available
(Loss Attributable) to Tenet Common Consolidated Adjusted EBITDA
Shareholders from Continuing Operations
$3,365 to
$456 to $3,469 $3,465
$600
$541 $3,500
$100
$410

$300 $3,000 11.5%

$3,021
$2,730
Growth*
($226)
$0 $2,500

($300) $2,000
2019 2022 2023E 2019 2022 2023E
Outlook Range
Adjusted EBITDA Normalized EBITDA

Income Available (Loss Attributable) to Tenet Normalizing Items Outlook range

Common Shareholders from Continuing Operations

*2023E is based on the Company’s outlook as of October 30, 2023, 11.5% Normalized Consolidated EBITDA growth at the midpoint of our outlook range over full year 2022 results

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Financial Profile Continues to Improve

ADJUSTED ADJUSTED ADJUSTED FREE CASH LEVERAGE

NET REVENUE EBITDA EBITDA FLOW RATIO
$20.4B (a) MARGIN
$1.238B
$3.415B (a) 16.7% 5.9x
(1.8)x
7% 40% 390 151%
12.8% bps
$2.440B
4.08x

$19.1B
$0.493B

2017 2023E 2017 2023E 2017 2023E 2017 2023E 2017 Q3 '23

Note: 2023E is based on mid-point of Outlook range as of October 30, 2023. Reconciliations of these non-GAAP measures to the most comparable GAAP measures and management’s reasoning for using
these non-GAAP financial measures are included in our earnings press releases dated October 30, 2023, and February 26, 2018, which are available on our website at www.tenethealth.com/investors

(a) Since 2017, five hospital markets have been divested that had annual revenues and Adjusted EBITDA of ~$2.5 billion and ~$105 million, respectively, on a trailing 12-month basis at the time of sale
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Adjusted EBITDA With and Without Grant Income ($ in millions)

$ In millions Q1’22 Q2’22 Q3’22 Q4’22 2022 Q1’23 Q2’23 Q3’23 2023 YTD

Adjusted EBITDA Excluding Grant Income

Hospital Segment $510 $339 $378 $360 $1,587 $402 $381 $398 $1,181
Ambulatory Segment $280 $317 $319 $407 $1,323 $340 $369 $370 $1,079
Conifer Segment $92 $93 $90 $90 $365 $87 $85 $83 $255
Consolidated, Excluding Grant
$882 $749 $787 $857 $3,275 $829 $835 $851 $2,515
Income

Grant Income
Hospital Segment $4 $92 $54 $40 $190 $3 $7 $3 $13
Ambulatory Segment $2 $2 $0 $0 $4 $0 $1 $0 $1
Ambulatory Segment Grants in
$0 $0 $0 $0 $0 $0 $0 $0 $0
Equity Earnings
Conifer Segment - - - - - - - - -
Consolidated Operations $6 $94 $54 $40 $194 $3 $8 $3 $14

Adjusted EBITDA Including Grant Income

Hospital Segment $514 $431 $432 $400 $1,777 $405 $388 $401 $1,194
Ambulatory Segment $282 $319 $319 $407 $1,327 $340 $370 $370 $1,080
Conifer Segment $92 $93 $90 $90 $365 $87 $85 $83 $255
Consolidated, Including Grant
$888 $843 $841 $897 $3,469 $832 $843 $854 $2,529
Income

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FY 2023 Adjusted EBITDA Outlook Bridge from 2022 ($ in millions)
AMBULATORY HOSPITAL CONIFER CONSOLIDATED

2022 Adjusted EBITDA $1,327 $1,777 $365 $3,469

Grant Income 2022 ($4) ($190) - ($194)

Gains on Asset Sales in 2022 - ($114) - ($114)
Government Funding Reductions (a) ($28) ($181) - ($209)
2021 Texas Medicaid Revenue Recognized in 2022 - ($31) - ($31)
Adverse Impact of Cyber Incident in 2022 - $100 - $100
Conifer/Tenet Contract Changes in 2023 - $40 ($40) $0
2022 Normalized Adjusted EBITDA Performance $1,295 $1,401 $325 $3,021
Grant Income 2023 $1 $13 - $14
Conifer Contract Expirations Due to Hospital Sales - - ($27) ($27)
Income From Cyber Incident Insurance Proceeds Received in 2023 - $34 - $34
USPI Acquisition & Development Activity $75 - - $75
Organic Growth $149 $112 $37 $298
FY 2023 Adjusted EBITDA Outlook Mid-point $1,520 $1,560 $335 $3,415
2023 Anticipated EBITDA Growth versus 2022 Normalized Performance (b) 17.3% 8.0% 3.1% 11.5%
2023 Organic Growth versus 2022 Normalized Performance 11.5% 8.0% 11.4% 9.9%
(a) Includes the following assumptions: Medicare 20% COVID add-on expiration in 2023 ($50M), 340B regulation change in 2023 ($43M), incremental COVID FMAP being phased out in 2023
($25M), HRSA Uninsured COVID funding eliminated during 2022 ($20M), full year of Medicare Sequestration in 2023 ($37M), and 2023 DSH reductions and other ($34M)
(b) Excludes: Income from Cyber Incident Insurance Proceeds of $34M and Grant Income of $14M received in 2023

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USPI
USPI Track Record of Double-Digit Growth and Strong Margins

Net Revenue ($M) Adjusted EBITDA ($M)

$1,520

3,815 $1,327
CAGR CAGR
11.9% 13.8% $1,197
$3,248

$2,718
$895 $868
$792
$2,085 $2,158 $2,072
$1,940 $699

2017 2018 2019 2020 2021 2022 2023E 2017 2018 2019 2020 2021 2022 2023E
Midpoint* Midpoint*

Adjusted
36.0% 38.0% 41.5% 41.9% 44.0% 40.9% 39.8%*
EBITDA Margin

* 2023E is based on the Company’s outlook as of October 30, 2023

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USPI Long Term Organic Growth Consistency

5.8% Same-facility System-wide Organic Growth Rates Driven by

Revenue CAGR from 2015-2023 USPI Leadership in Strategy & Execution

Established Expertise in
Starting New Service Lines
14.5%

103
9.7%
Service Line Additions
9.0% YTD 2023
6.0%
Expansion of High
Pandemic
Shutdown
4.9% 4.6%
4.4% Acuity Cases

14.2%
2016 2017 2018 2019 2020 2021 2022 YTD 2023
Same-facility ASC
Total Joints Growth
YTD 2023*
-5.7%
*Same-facility ASCs excludes acquired facilities or de novos opened after January 1, 2021

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USPI Case Mix / Clinical Quality
2022 Case Mix Commitment to Quality Drives Strong
Patient Experience

Opthalmology
11% All Other
Specialties
19%

Gastrointestinal
34%
Musculoskeletal
96.4
36% Overall Patient
Experience Score

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USPI Acquisitions and De Novos Deliver Significant Returns on Invested Capital

Total Number of Facilities Achievement of Attractive Returns

2017 – 2023

469
481
8.0x <5.0x <2.0x
Initial Acquisition Exceeded Exceeded
Multiple Targeted Acquisition Targeted De Novo
Effective Multiple Effective Multiple
267
267

Dedicated development team and

strong partnership economic returns
drive competitive deal advantages
12/31/2017 9/30/2023

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Cash Flow and Capital
2023 Cash Flows Continue to Support Growth
▪ Our cash flow and balance sheet position provide us capital allocation
financial flexibility:
$327M ✓ Ample liquidity and access to capital markets to pursue our growth
Third Quarter strategy while returning capital to shareholders
2023 Free
Cash Flow

▪ Third quarter Ambulatory development activity:

✓ 6 new ambulatory centers added through M&A and de novo
4.08x $1.5B
Leverage Unused Line
Ratio of Credit
▪ Have repurchased ~7.4 million shares since inception of program in fourth
quarter 2022 for $340 million, or an average price of ~$46 per share

$1.054B ▪ No significant debt maturities until 2026

Cash on Hand
at 9/30/23

▪ ~$1.7 billion of secured debt capacity available as of September 30, 2023

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Capital Deployment Priorities
We prioritize the deployment of the free cash flow generated by our businesses to the following areas:

M&A and de novo investments – baseline intention is

Investments in our ASC platform
$250 million per year

Continued investment in technology, robotics, and

Investments in our Hospital Business targeted surgical hospital expansion focused on
higher acuity services

Continued focus on deleveraging the balance sheet

Continued de-leveraging
through earnings growth and debt repayment

$660 million authorization remaining;

Share repurchase program
Program expires December 31, 2024

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Debt Maturity Profile - No Significant Maturities Until 2026

Maturity Profile as of September 30, 2023

4,000
$3,450
3,500
$3,100
$3,000
3,000

2,500 2,000
$2,100 1,500
2,000
2,500 $1,712
1,500 $1,400 362

1,000 2,100
1,500 1,400 1,450 1,350
500
600
0
2023 2024 2025 2026 2027 2028 2029 2030 2031
$ in millions
First Lien Notes Second Lien Notes Unsecured Notes

Note: Excludes Capital Leases and Mortgage Notes, Unamortized Note Discounts and Premiums and Letters of Credit Facility amounts.

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GAAP to Non-GAAP Reconciliations

NON-GAAP FINANCIAL INFORMATION

This presentation contains financial measures that are
not in accordance with accounting principles generally
accepted in the United States of America (GAAP).
Reconciliations of these non-GAAP measures to the
most comparable GAAP measures and management’s
reasoning for using these non-GAAP measures are
included in our earnings press release dated October
30, 2023. GAAP to non-GAAP reconciliations for those
measures used in this slide presentation are also
included on the following slides.

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Supplemental Non-GAAP disclosures
Table #1 – Reconciliations of Net Income Available to Tenet Healthcare Corporation
Common Shareholders to Adjusted Net Income Available from Continuing Operations
to Common Shareholders
(Unaudited) Three Months Ended Nine Months Ended
September 30, September 30,
(Dollars in millions, except per share amounts) 2023 2022 2023 2022
Net income available to Tenet Healthcare Corporation common
shareholders $ 101 $ 131 $ 367 $ 309
Less:
Net income from discontinued operations — — — 1
Net income from continuing operations 101 131 367 308
Impairment and restructuring charges, and acquisition -related costs (47) (24) (84) (97)
Litigation and investigation costs (14) (12) (28) (50)
Net gains (losses) on sales, consolidation and deconsolidation of
facilities (1) — 12 —
Loss from early extinguishment of debt — — (11) (109)
Tax and noncontrolling interests impact of above items 10 7 17 33
Adjusted net income available from continuing operations to
common shareholders $ 153 $ 160 $ 461 $ 531

Diluted earnings per share from continuing operations $ 0.94 $ 1.16 $ 3.41 $ 2.81
Less:
Impairment and restructuring charges, and acquisition -related costs (0.45) (0.22) (0.80) (0.86)
Litigation and investigation costs (0.13) (0.11) (0.27) (0.45)
Net gains (losses) on sales, consolidation and deconsolidation of
facilities (0.01) — 0.12 —
Loss from early extinguishment of debt — — (0.10) (0.97)
Tax and noncontrolling interests impact of above items 0.09 0.07 0.16 0.29
Adjusted diluted earnings per share from continuing operations $ 1.44 $ 1.42 $ 4.30 $ 4.80

Weighted average basic shares outstanding (in thousands) 101,544 107,923 101,869 107,732
Weighted average dilutive shares outstanding (in thousands) 104,425 109,888 105,021 112,288

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Supplemental Non-GAAP disclosures
Table #2 – Reconciliations of Net Income Available to Tenet Healthcare Corporation
Common Shareholders to Adjusted EBITDA
(Unaudited)

Three Months Ended Nine Months Ended

September 30, September 30,
(Dollars in millions) 2023 2022 2023 2022
Net income available to Tenet Healthcare Corporation common
shareholders $ 101 $ 131 $ 367 $ 309
Less:
Net income available to noncontrolling interests (165) (137) (488) (418)
Income from discontinued operations, net of tax — — — 1
Income from continuing operations 266 268 855 726
Income tax expense (79) (112) (243) (297)
Loss from early extinguishment of debt — — (11) (109)
Other non-operating income, net 4 6 8 6
Interest expense (227) (222) (674) (671)
Operating income 568 596 1,775 1,797
Litigation and investigation costs (14) (12) (28) (50)
Net gains (losses) on sales, consolidation and deconsolidation of
(1) — 12 —
facilities
Impairment and restructuring charges, and acquisition -related costs (47) (24) (84) (97)
Depreciation and amortization (224) (209) (654) (628)
Adjusted EBITDA $ 854 $ 841 $ 2,529 $ 2,572

Net operating revenues $ 5,066 $ 4,801 $ 15,169 $ 14,184

Net income available to Tenet Healthcare Corporation common

shareholders as a % of net operating revenues 2.0 % 2.7 % 2.4 % 2.2 %

Adjusted EBITDA as a % of net operating revenues (Adjusted

EBITDA margin) 16.9 % 17.5 % 16.7 % 18.1 %

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Supplemental Non-GAAP disclosures
Table #3 – Reconciliations of Net Cash Provided by Operating Activities to Free Cash Flow
and Adjusted Free Cash Flow from Continuing Operations
(Unaudited) 2023
(Dollars in millions) Q3 YTD
Net cash provided by operating activities $ 503 $ 1,550
Purchases of property and equipment (176) (543)
Free cash flow – continuing operations $ 327 $ 1,007

Net cash used in investing activities $ (169) $ (636)

Net cash used in financing activities $ (214) $ (718)

Net cash provided by operating activities $ 503 $ 1,550

Less:
Payments for restructuring charges, acquisition-related costs, and litigation costs and
settlements (27) (105)
Adjusted net cash provided by operating activities from continuing operations 530 1,655
Purchases of property and equipment (176) (543)
Adjusted free cash flow – continuing operations $ 354 $ 1,112

2022
(Dollars in millions) Q3 YTD
Net cash provided by operating activities $ 315 $ 662
Purchases of property and equipment (165) (472)
Free cash flow - continuing operations 150 190
Add back:
Medicare Advance Repayments 405 880
Free cash flow – continuing operations, excluding repayments of Medicare Advances $ 555 $ 1,070

Net cash used in investing activities $ (302) $ (502)

Net cash used in financing activities $ (156) $ (1,316)

Net cash provided by operating activities $ 315 $ 662

Less:
Payments for restructuring charges, acquisition-related costs, and litigation costs and
settlements (59) (157)
Net cash used in operating activities from discontinued operations (1) (1)
Adjusted net cash provided by operating activities from continuing operations 375 820
Purchases of property and equipment (165) (472)
Adjusted free cash flow – continuing operations 210 348
Add back:
Medicare Advance Repayments 405 880
Adjusted free cash flow – continuing operations, excluding repayments of Medicare
Advances $ 615 $ 1,228

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Supplemental Non-GAAP disclosures
Table #4 – Reconciliations of Outlook Net Income Available to Tenet Healthcare Corporation
Common Shareholders to Outlook Adjusted Net Income Available from Continuing Operations
to Common Shareholders
(Unaudited)

Fourth Quarter 2023 FY 2023 (1) The figures shown represent the Company's estimate for
(Dollars in millions, except per share amounts) Low High Low High restructuring charges plus the actual year-to-date results
Net income available to Tenet Healthcare Corporation common shareholders $ 89 $ 174 $ 456 $ 541 for impairment and restructuring charges, acquisition-
Less: related costs, and litigation costs and settlements. The
Impairment and restructuring charges, acquisition-related costs, and litigation Company does not generally forecast impairment
costs and settlements(1) (38) (13) (150) (125)
charges, acquisition-related costs, and litigation costs and
Net gains on sales, consolidation and deconsolidation of facilities — — 12 12 settlements because it does not believe that it can
Loss from early extinguishment of debt(2) — — (11) (11) forecast these items with sufficient accuracy since some
Tax and noncontrolling interests impact of above items 8 3 25 20 of these items are indeterminable at the time the
Adjusted net income available from continuing operations to common Company provides its financial Outlook.
shareholders $ 119 $ 184 $ 580 $ 645

(2) The Company does not generally forecast losses from

Diluted earnings per share from continuing operations $ 0.83 $ 1.64 $ 4.25 $ 5.06 the early extinguishment of debt because the Company
Less:
does not believe that it can forecast this item with
Impairment and restructuring charges, acquisition-related costs, and litigation
(0.37) (0.13) (1.43) (1.19) sufficient accuracy since it is indeterminable at the time
costs and settlements
Net gains on sales, consolidation and deconsolidation of facilities the Company provides its financial Outlook. The figures
— — 0.11 0.11
Loss from early extinguishment of debt shown relate to the debt repurchased or refinanced by
— — (0.10) (0.10)
the Company in 2023.
Tax and noncontrolling interests impact of above items 0.08 0.03 0.24 0.19
Adjusted diluted earnings per share from continuing operations $ 1.12 $ 1.74 $ 5.43 $ 6.05

Weighted average basic shares outstanding (in thousands) 102,000 102,000 102,000 102,000
Weighted average dilutive shares outstanding (in thousands) 105,000 105,000 105,000 105,000

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Supplemental Non-GAAP disclosures
Table #5 – Reconciliations of Outlook Net Income Available to Tenet Healthcare Corporation
Common Shareholders to Outlook Adjusted EBITDA
(Unaudited)

Fourth Quarter 2023 FY 2023 (1) The figures shown represent the Company's estimate for
(Dollars in millions) Low High Low High restructuring charges plus the actual year-to-date results
Net income available to Tenet Healthcare Corporation common for impairment and restructuring charges, acquisition-
shareholders $ 89 $ 174 $ 456 $ 541
related costs, and litigation costs and settlements. The
Less:
Company does not generally forecast impairment
Net income available to noncontrolling interests (187) (207) (675) (695) charges, acquisition-related costs, and litigation costs and
Income tax expense (77) (92) (320) (335) settlements because it does not believe that it can
Interest expense (231) (221) (905) (895) forecast these items with sufficient accuracy since some
Loss from early extinguishment of debt(2) — — (11) (11) of these items are indeterminable at the time the
Other non-operating income, net 2 7 10 15 Company provides its financial Outlook.
Net gains on sales, consolidation and deconsolidation of facilities — — 12 12
Impairment and restructuring charges, acquisition-related costs, and litigation (2) The Company does not generally forecast losses from
costs and settlements(1) (38) (13) (150) (125)
the early extinguishment of debt because the Company
Depreciation and amortization (216) (236) (870) (890) does not believe that it can forecast this item with
Adjusted EBITDA $ 836 $ 936 $ 3,365 $ 3,465 sufficient accuracy since it is indeterminable at the time
the Company provides its financial Outlook. The figures
Income from continuing operations $ 89 $ 174 $ 456 $ 541 shown relate to the debt repurchased or refinanced by
Net operating revenues $ 5,131 $ 5,331 $20,300 $20,500 the Company in 2023.
Net income available to Tenet Healthcare Corporation common
shareholders as a % of net operating revenues 1.7 % 3.3 % 2.2 % 2.6 %
Adjusted EBITDA as a % of net operating revenues (Adjusted EBITDA
margin) 16.3 % 17.6 % 16.6 % 16.9 %

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Supplemental Non-GAAP disclosures
Table #6 – Reconciliations of Outlook Net Cash Provided by Operating Activities
to Outlook Free Cash Flow – Continuing Operations and Outlook Adjusted Free Cash
Flow – Continuing Operations
(Unaudited)

(1) The figures shown represent the Company's estimate for

(Dollars in millions) FY 2023
restructuring payments plus the actual year-to-date
Low High
payments for restructuring charges, acquisition-related
Net cash provided by operating activities $ 1,800 $ 2,075 costs, and litigation costs and settlements. The Company
Purchases of property and equipment (675) (725) does not generally forecast payments for acquisition-
Free cash flow – continuing operations $ 1,125 $ 1,350 related costs, and litigation costs and settlements
because it does not believe that it can forecast these
items with sufficient accuracy since some of these items
Net cash provided by operating activities $ 1,800 $ 2,075
are indeterminable at the time the Company provides its
Less:
financial Outlook.
Payments for restructuring charges, acquisition-related costs and litigation costs and
settlements(1) (150) (125)
(2) The Company’s definition of Adjusted Free Cash Flow
Adjusted net cash provided by operating activities – continuing operations 1,950 2,200
does not include other important uses of cash including
Purchases of property and equipment (675) (725) (1) cash used to purchase businesses or joint venture
Adjusted free cash flow – continuing operations(2) $ 1,275 $ 1,475 interests, or (2) any items that are classified as Cash
Flows From Financing Activities on the Company’s
Consolidated Statement of Cash Flows, including items
such as (i) cash used to repay borrowings, and (ii)
distributions paid to noncontrolling interests.

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